Glenorchy Capital Ltd Reduces Stake in Scorpio Tankers Inc. (NYSE:STNG)

Glenorchy Capital Ltd lowered its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 30.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,004 shares of the shipping company's stock after selling 13,119 shares during the quarter. Glenorchy Capital Ltd owned about 0.06% of Scorpio Tankers worth $2,139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Truist Financial Corp increased its holdings in shares of Scorpio Tankers by 1.4% during the second quarter. Truist Financial Corp now owns 10,933 shares of the shipping company's stock valued at $889,000 after acquiring an additional 149 shares in the last quarter. Newbridge Financial Services Group Inc. grew its holdings in shares of Scorpio Tankers by 34.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company's stock valued at $57,000 after buying an additional 177 shares during the last quarter. Quarry LP increased its position in shares of Scorpio Tankers by 52.8% in the 2nd quarter. Quarry LP now owns 663 shares of the shipping company's stock valued at $54,000 after acquiring an additional 229 shares during the period. AlphaMark Advisors LLC raised its stake in Scorpio Tankers by 5.9% in the 1st quarter. AlphaMark Advisors LLC now owns 5,008 shares of the shipping company's stock worth $358,000 after acquiring an additional 281 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company's stock worth $25,000 after acquiring an additional 291 shares during the period. 54.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on STNG shares. Evercore ISI raised their target price on shares of Scorpio Tankers from $99.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday, July 23rd. StockNews.com cut Scorpio Tankers from a "buy" rating to a "hold" rating in a report on Friday, August 16th. Bank of America dropped their target price on Scorpio Tankers from $85.00 to $82.00 and set a "neutral" rating on the stock in a report on Tuesday, July 23rd. Jefferies Financial Group reissued a "buy" rating and issued a $90.00 price target on shares of Scorpio Tankers in a report on Tuesday, July 30th. Finally, Stifel Nicolaus upped their price objective on Scorpio Tankers from $84.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $88.80.

Scorpio Tankers Price Performance

NYSE STNG traded up $0.78 during trading hours on Friday, reaching $67.02. The company's stock had a trading volume of 530,613 shares, compared to its average volume of 906,132. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 6.22, a P/E/G ratio of 1.94 and a beta of 0.15. The company's 50-day moving average is $70.38 and its two-hundred day moving average is $74.48. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.67 and a quick ratio of 2.63. Scorpio Tankers Inc. has a 1-year low of $52.68 and a 1-year high of $84.67.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.08. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. The business had revenue of $380.70 million during the quarter, compared to the consensus estimate of $368.62 million. During the same period in the prior year, the company posted $2.41 EPS. The business's quarterly revenue was up 15.6% on a year-over-year basis. On average, equities analysts predict that Scorpio Tankers Inc. will post 12.43 EPS for the current year.

Scorpio Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 15th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.39%. Scorpio Tankers's dividend payout ratio is currently 14.84%.

Scorpio Tankers Company Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.